The London Metal Exchange tin price continued its uptrend by setting a new 2021 high and a historic $1,510-per-tonne backwardation on its benchmark spread, while the rest of the base metals complex closed on a mixed tone on Tuesday February 2.
Tin's three-month price kept up its unabated rise on Tuesday despite a rising dollar, with the fundamentals for the metal superseding macroeconomic concerns that subdued other LME prices. The three-month price set a new year-to-date high of $23,435 per tonne during trading on Tuesday, before scaling back to $22,990 per tonne at the 5pm close, 0.5% lower than Monday's closing price. In light of dwindling stock (down to just 790 tonnes on the LME network on Tuesday) and the military coup to remove the democratically-elected government in Myanmar, a key tin producer,...